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European stocks slid the most in two months as Spain prepared to present its budget and Federal Reserve Bank of Philadelphia President Charles Plosser said the third round of bond buying may fail to stimulate growth.

Acciona SA (ANA) sank 9.9 percent, leading Spanish builders lower a day before the government presents its budget for next year. Banco Santander SA (SAN), Spain’s largest lender, retreated 4.5 percent. Anglo American Plc (AAL) lost 3.7 percent after saying that it plans to reduce its production of coal.

The Stoxx Europe 600 Index plunged 1.7 percent to 271.09, its largest drop since July 23.

In Spain, Prime Minister Mariano Rajoy has struggled to persuade people to accept the deepest austerity measures on record. Unions and protest groups, spurred by the Portuguese government’s decision to drop a planned tax increase following demonstrations, have demanded a referendum on Rajoy’s cuts.

Economy Minister Luis de Guindos will present additional measures tomorrow that the European Commission requires as part of efforts to bring down Spain’s borrowing costs. Budget Minister Cristobal Montoro will unveil the 2013 budget.

In Greece today, public- and private-sector workers will hold a 24-hour general strike.

National benchmark indexes fell in every western-European market except for Greece.

FTSE 100 5,776.22 -83.49 -1.42% CAC 40 3,429.24 -84.57 -2.41% DAX 7,288.11 -137.00 -1.85%

Acciona slumped 9.9 percent to 45.10 euros, its biggest tumble since November 2008, while Actividades de Construccion & Servicios SA, Spain’s biggest construction company, lost 5.4 percent to 16.03 euros. Obrascon Huarte Lain SA (OHL) slid 5.3 percent to 18.49 euros. Ferrovial SA (FER) declined 4.8 percent to 9.72 euros.

BHP Billiton Ltd. (BHP), the world’s biggest mining company, retreated 2.4 percent to 1,908 pence. Rio Tinto Group, the third-largest, dropped 3.4 percent to 2,841 pence. Copper, lead, nickel and tin fell in

Infineon Technologies AG (IFX) slipped 3.4 percent to 4.94 euros, declining for an eighth day. Jefferies Group Inc. cut its recommendation on Europe’s second-biggest semiconductor maker to underperform from hold, meaning investors should sell the shares.

ICAP Plc (IAP) tumbled 3.3 percent to 332.5 pence. The world’s largest broker of transactions between banks predicted that fiscal first-half revenue will drop 14 percent from the previous year because of reduced activity on capital markets.

CGGVeritas (GA) decreased 1.9 percent to 24.93 euros. The company started a 414 million-euro ($532 million) rights offer to help finance its acquisition of Fugro NV’s seismic division. The largest seismic surveyor of oilfields said it will sell the new stock at 17 euros a share.

Technip SA (TEC), Europe’s second-largest oilfield-services provider, retreated 2.4 percent to 86.86

Statoil ASA (STL) dropped 2.8 percent to 149.20 kroner. Norway’s national oil company was cut to sell from buy at Nordea Bank AB.

U.S. stock-index futures were little changed as investor optimism fueled by central-bank stimulus continued to wane.
Global Stocks:
Nikkei  8,906.7 -184.84 -2.03%
Hang Seng 20,527.73 -170.95 -0.83%
Shanghai Composite 2,004.17 -25.12 -1.24%
FTSE  5,785.77 -73.94 -1.26%
CAC  3,440.44 -73.37 -2.09%
DAX 7,289.63 -135.48 -1.82%
Crude oil $90.25 -1,23%
Gold $1748.40 1.02%

European stocks slid the most in a week after Federal Reserve Bank of Philadelphia President Charles Plosser said that the third round of bond buying may fail to stimulate growth or hiring.

Plosser said yesterday after the close of European trading that the Fed’s latest round of quantitative easing may jeopardize the central bank’s credibility.

In addition, the tension in the markets related to the situation in Spain. Thus, the Spanish provinces continue to require financial assistance from the government in Madrid, which could lead to the need for more international aid to Spain, and early elections. The government is considering the possibility of Andalusia ask Madrid financial support of almost 5 billion euros. Catalonia, Valencia and Murcia have already asked for help to Madrid. Catalan President Artur Mas has already appointed on November 25, early elections that could turn into a referendum on more autonomy for the province. Spanish Prime Minister Mariano Rajoy has rejected demands Catalonia give her a more substantial tax autonomy. Also tomorrow, the government of Spain Prime Minister Mariano Raho intends to submit a draft budget for 2013, and all of the market's attention is now focused on the news again, which could indicate the possible development of events related to the debt crisis in the eurozone.

Recall that in July M.Rahoy presented the package of austerity measures, in which the tax increase was combined with a reduction in salaries in the public sector and payments provided for by benefits. As a result of these measures the Spanish budget deficit of 2.5 years, is scheduled to drop to a level of 65 billion euros. Spain intends to reduce its budget deficit to 4.5% of GDP in 2013 to 6.3% in the current year.

Anglo American Plc lost 2.5 percent, contributing the most to a decline by a gauge of mining companies, after saying that it plans to reduce its production of coal.

BHP Billiton Ltd. and Rio Tinto Group retreated 1.6 percent and 2 percent, respectively, as metal prices dropped.

FTSE 100 5,794.6 -65.11 -1.11%

CAC 40 3,444.16 -69.65 -1.98%

DAX 7,310.33 -114.78 -1.55%

Asian stocks fell amid concern stimulus measures by central banks from the U.S to Asia and Europe won’t be enough to boost global economic growth and as more than 900 companies in Japan’s Topix Index traded ex- dividend today.

Nikkei 225 8,906.7 -184.84 -2.03%

S&P/ASX 200 4,361.6 -11.26 -0.26%

Shanghai Composite 2,003.52 -25.77 -1.27%

BHP Billiton Ltd., the world’s biggest mining company, fell 1.3 percent in Sydney.

BYD Co., the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., tumbled 9 percent in Hong Kong as CLSA Asia Pacific Markets cut its price target by 94 percent, citing a worsening outlook for its products.

Asia’s benchmark stock index swung between gains and losses as increases among telecommunications companies offset drops in exporters after weaker German business confidence curbed the outlook for sales to Europe.

Nikkei 225 9,091.54 +22.25 +0.25%

S&P/ASX 200 4,372.9 -12.57 -0.29%

Shanghai Composite 2,029.29 -3.90 -0.19%

Telecom Corp. of New Zealand Ltd., the nation’s largest provider of Internet connections, advanced 1.9 percent, as investors sought shares with earnings less tied to economic growth.

Brother Industries Ltd., a Japanese office-equipment maker that gets almost 30 percent of sales from Europe, fell 1 percent.

Komatsu Ltd., the world’s second-biggest construction- equipment maker, lost 1 percent in Tokyo as competitor Caterpillar Inc. cut its 2015 profit forecast.

Change % Change Last

Nikkei 225 9,091.54 +22.25 +0.25%

S&P/ASX 200 4,372.9 -12.57 -0.29%

Shanghai Composite 2,029.29 -3.90 -0.19%

FTSE 100 5,863.14 +24.30 +0.42%

CAC 40 3,513.64 +16.42 +0.47%

DAX 7,423.66 +10.50 +0.14%  

Dow -101.29 13,457.63 -0.75%

Nasdaq -43.05 3,117.73 -1.36%

S&P -15.26 1,441.63 -1.05%